On The Design And Regulation Of Trust Type ABN

Asset-backed notes(this paper can be referred to as "ABN") has been introduced for the purpose of only two years time, regulators are mainly ease the problem of corporate finance ratings, early stage of development using the account isolation mode, not set a special purpose vehicle, which is the result of market choices, along with frequent incidents of near-term risks, trust companies are stepping up research can break the rigidity of the trust-based ABN payment products, and its essence is through the channel Dealers Association of inter-bank, in trust for isolation of the underlying asset, investors enjoy the trust of underlying assets beneficiary, the trust of its original non-standardized products, transformed into a standardized product, and then be transferred in the interbank market, increasing its liquidity trust products.This paper attempts to conduct research on the innovative financial instruments to study the specific transaction structure design, feasibility of its existence, meaning, with respect to the advantage of other debt financing instruments, such as the existence of the problem. This paper is divided into four chapters.The first chapter is the theoretical basis of the asset-backed notes research. The main analysis of asset-backed notes and financial environment,the difference between the definition of issuance,architecture and other standardized products.The second chapter is the design of the trust-based ABN. Focuses on the definition of such innovative products, features, significance, strengths, and collateral type ABN distinction, design processes.The third chapter is the regulation of the trust ABN.Trust law applicable type of asset-backed notes, highlights and analysis of legal compliance issues related easily triggered.This is also the focus of this article.Mainly discusses the products belong to debt financing instruments, whether the transferproblem resolution and regulations conflict problems in the design, easy to cause theseparation of basic assets, accounting issues and the establishm ent of effective legal problems of foreign covered bond(covered bonds, this paper can be referred to as "CB") reference system etc..The fourth chapter is suggestion for the trust-based ABN.In this chapter,suggestions to develop innovative financial products and promoting the establishment of trust-based ABN,and suggested that the efforts to solve special purpose vehicles( Special Purpose Vehicle,hereinafter referred to as "SPV")and tax management problems.